NEXTDC gets green light for Asia Pacific Data Centre takeover

NEXTDC’s (ASX:NXT) efforts to take back total control of Asia Pacific Data Centre Group (ASX:AJD) has been backed by the data centre property group’s directors.

The Asia Pacific Data Centre Group (APDC) is a special purpose real estate investment trust (REIT) which was established to own properties – including land and buildings – that are operated or being developed as data centres.

The sole assets of the publicly-listed group, which was spun off by NEXTDC as an independent entity several years ago, are three data centre properties, Sydney (S1), Melbourne (M1) and Perth (P1), all of which are occupied by NEXTDC under long-term lease arrangements.

The additional stakes NEXTDC has brought up in APDC since its decision to regain control of the group, and the proposed follow-on acquisition of Asia Pacific Data Centre Group, will be funded from NEXTDC’s existing cash reserves, the company said.

The director approval for the takeover comes as NEXTDC closes a previously announced $300 million, three-year financing arrangement.

Related Whitepapers

Copyright 2019 IDG Communications. ABN 14 001 592 650. All rights reserved. Reproduction in whole or in part in any form or medium without express written permission of IDG Communications is prohibited.